中原证券股份有限公司 关于西安中熔电气股份有限公司 首次公开发行股票并在创业板上市之持续督导 保荐总结报告书 中原证券股份有限公司（以下简称"中原证券"或"保荐人"）作为西安中 熔电气股份有限公司（以下简称"发行人""公司"或"中熔电气"）首次公开 发行股票并在创业板上市持续督导的保荐人，持续督导期限至2024年12月31日 。根据《证券发行上市保荐业务管理办法》《深圳证券交易所创业板股票上市 规则》《深圳证券交易所上市公司自律监管指引第13号—保荐业务》等有关 法律、法规和规范性文件的要求，出具本保荐总结报告书。 一、保荐人及保荐代表人承诺 1、保荐总结报告书和证明文件及其相关资料的内容不存在虚假记载、误导 性陈述或重大遗漏，保荐人及保荐代表人对其真实性、准确性、完整性承担法律 责任。 2、保荐人及保荐代表人自愿接受中国证券监督管理委员会（以下简称"中 国证监会"）对保荐总结报告书相关事项进行的任何质询和调查。 3、保荐人及保荐代表人自愿接受根据中国证监会《证券发行上市保荐业务 管理办法》和深圳证券交易所《深圳证券交易所上市公司自律监管指引第 13 号 —保荐业务》的有关规定采取的监管措施。 | 情况 | ...

中原证券股份有限公司 关于西安中熔电气股份有限公司 2024 年度持续督导跟踪报告 | 保荐机构名称：中原证券股份有限公司 | 被保荐公司简称：中熔电气 | | --- | --- | | 保荐代表人姓名：刘军锋 | 联系电话：0371-65585061 | | 保荐代表人姓名：习歆悦 | 联系电话：0371-65585061 | 一、保荐工作概述 | 项 目 | 工作内容 | | --- | --- | | 1.公司信息披露审阅情况 | | | （1）是否及时审阅公司信息披露文件 | 是 | | （2）未及时审阅公司信息披露文件的次 | 0 次 | | 数 | | | 2．督导公司建立健全并有效执行规章制度的情况 | | | （1）是否督导公司建立健全规章制度（包 | 是 | | 括但不限于防止关联方占用公司资源的 | | | 制度、募集资金管理制度、内控制度、内 | | | 部审计制度、关联交易制度） | | | （2）公司是否有效执行相关规章制度 | 是 | | 3.募集资金监督情况 | | | （1）查询公司募集资金专户次数 | 12 次 | | （2）公司募集资金项目进展是否与信息 | 是 | | ...

Group 1 - The company Xi'an Zhongrong Electric Co., Ltd. approved a share buyback plan on July 9, 2024, with a total funding amount between 20 million to 40 million yuan, aimed at employee stock ownership plans or equity incentives [1] - The initial buyback price limit was set at 100 yuan per share, which was later adjusted to 99.42 yuan per share starting July 17, 2024, and further to 99.32 yuan per share from September 27, 2024 [1] - The implementation period for the buyback plan is 12 months from the date of board approval [1] Group 2 - As of April 30, 2025, the company had not conducted any share buybacks in April, with a cumulative total of 261,600 shares repurchased, although the total share capital percentage was not disclosed [2] - The company's share buyback activities have complied with regulations regarding timing, pricing, and trading periods, ensuring no buybacks occurred during sensitive periods that could affect stock prices [3] - The company plans to continue the buyback based on market conditions within the designated timeframe and will disclose information in accordance with regulations [3]

关于回购公司股份进展的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 西安中熔电气股份有限公司（以下简称"公司"）于2024年7月9日召开了第 三届董事会第十六次会议，审议通过了《关于回购公司股份方案的议案》，同 意公司使用自有资金以集中竞价交易方式回购公司部分人民币普通股（A股） 股份（以下简称"本次回购"），用于实施股权激励计划或员工持股计划。本 次回购的资金总额不低于人民币2,000万元（含），不超过人民币4,000万元（ 含），回购价格上限不超过人民币100元/股（含）。回购股份的实施期限自公 司董事会审议通过回购方案之日起12个月内。具体内容详见公司2024年7月9日 和2024年7月16日刊登于巨潮资讯网（www.cninfo.com.cn）的《关于回购公司 股份方案的公告》（公告编号：2024-049）和《回购报告书》（公告编号： 2024-057）。公司于2024年7月18日于巨潮资讯网披露了《关于2023年年度权益 分派实施后调整回购股份价格上限的公告》（公告编号：2024-058），自2024 年7月17日起调整回购股份价格上限为99 ...

Group 1: Sales Performance - The sales revenue of incentive fuses reached 137 million yuan in 2024, with a year-on-year growth of approximately 189%, particularly strong in the electric vehicle sector [2] - The company aims to achieve a revenue target of over 250 million yuan in 2025, driven by increased market demand and potential benchmark effects from clients like BYD [2] Group 2: Profitability and Margins - The gross margin in 2024 showed a slight increase compared to the beginning of the year, attributed to cost reduction and efficiency improvements [2] - The overall pressure for price reductions this year is less than last year, with hopes for a stable or rising gross margin [3] Group 3: International Revenue and Tariff Policies - The overseas revenue for 2024 is approximately 93 million yuan, accounting for 6.55% of total revenue, with direct exports to the U.S. around 20 million yuan [2] - The company has established production capabilities in Thailand to mitigate potential tariff risks and will continue to monitor international policy changes [2] Group 4: Production Capacity - The company is currently operating at a high capacity utilization rate, with the first phase of its industrial base capable of supporting over 2 billion yuan in production capacity [3] - There are no anticipated delivery issues due to capacity constraints, even with increasing order volumes [3] Group 5: Stock Incentive Expenses - The stock incentive expenses for 2024 are estimated at over 56 million yuan, with 2025 expenses projected at around 37 million yuan [3] Group 6: Industry Trends - The revenue growth in the wind and solar storage industry is limited due to price reductions and lower configurations, although the company maintains a stable share with major clients [3] - The data center industry is evolving with the rise of AI, requiring various power supply systems, including fuses, to support its infrastructure [3] Group 7: New Product Development - The company completed the acquisition of Ningbo Gaoshi Electric Measurement, focusing on current sensors, with initial projects underway [3] - In 2025, the company plans to increase investment in relay and integrated product development, establishing a research center in Shanghai to respond to new industry demands [3]

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative increase of over 15% compared to the CSI 300 index within the next six months [26]. Core Views - The company has demonstrated strong performance in 2024, with total revenue reaching 1.421 billion yuan, a year-on-year increase of 34.11%, and net profit attributable to shareholders of 187 million yuan, up 59.80% [4][9]. - The demand for incentive fuses is significantly increasing, driven by the growth in the electric vehicle and renewable energy sectors, which is expected to continue into 2025 [9][11]. - The company's products, particularly in the electric fuse segment, are well-positioned to benefit from the ongoing electrification trend in the automotive industry, with a projected sales increase in the electric vehicle sector [9][11]. Summary by Sections Financial Performance - In 2024, the company achieved total revenue of 1.421 billion yuan, a 34.11% increase year-on-year, and a net profit of 187 million yuan, reflecting a 59.80% growth [4]. - For Q1 2025, the company reported revenue of 390 million yuan, a 44.98% increase, and a net profit of approximately 60.75 million yuan, up 125.81% [4]. Product Demand and Market Position - The company's main products include electric fuses, incentive fuses, and smart fuses, with the electric fuse segment generating 1.279 billion yuan in revenue, accounting for 90% of total sales [9]. - The incentive fuse segment saw remarkable growth, with revenue of 137 million yuan, a 189.12% increase year-on-year, driven by rising standards and safety requirements in high-voltage applications [9][11]. Industry Outlook - The electric vehicle market is expected to maintain robust growth, with projected sales of 12.866 million units in 2024, a 35.5% increase, which will positively impact the company's sales of fuses [11]. - The company is well-positioned to capitalize on the expanding market for electric vehicles and renewable energy, with a competitive advantage in the electric fuse sector [9][11].

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative increase of over 15% compared to the CSI 300 index within the next six months [26]. Core Views - The company has shown impressive performance in 2024, with a total revenue of 1.421 billion yuan, a year-on-year increase of 34.11%, and a net profit attributable to shareholders of 187 million yuan, up 59.80% [4][9]. - The demand for circuit protection components, particularly in the electric vehicle and renewable energy sectors, has significantly boosted the company's product demand, especially for its incentive fuses, which saw a revenue increase of 189.12% [9][11]. - The company is expected to continue benefiting from the growing market for electric vehicles, with a projected net profit of 283 million yuan in 2025, reflecting a growth rate of 51.18% [12][24]. Summary by Sections Financial Performance - In 2024, the company achieved a total revenue of 1.421 billion yuan, with a net profit of 187 million yuan and a cash flow from operating activities of 122 million yuan [4]. - For Q1 2025, the company reported a revenue of 390 million yuan, a 44.98% increase year-on-year, and a net profit of approximately 60.75 million yuan, up 125.81% [4][9]. Product Performance - The company's main products include power fuses, incentive fuses, and smart fuses, with the incentive fuses showing remarkable growth, contributing 137 million yuan to revenue [9]. - The electric vehicle sector accounted for 8.97 billion yuan in revenue, marking a 50.47% increase, while the renewable energy sector contributed 3.49 billion yuan, growing by 1.03% [9]. Market Outlook - The report anticipates continued strong demand for the company's products in the electric vehicle market, with expected sales growth driven by favorable government policies and market trends [11][12]. - The company is well-positioned to capitalize on the increasing penetration of electric vehicles, with a projected sales volume growth that outpaces the overall market growth [11].

Core Viewpoint - Zhongrong Electric (301031) reported record highs in revenue, net profit, and cash flow for 2024, indicating strong growth and market position in the circuit protection industry, particularly in the electric fuse sector [2][6][9]. Financial Performance - The company achieved total revenue of 1.421 billion yuan, a year-on-year increase of 34.11%, marking eight consecutive years of growth since 2014 [2]. - The net profit attributable to shareholders reached 187 million yuan, up 59.8%, also a record high [2]. - The net cash flow from operating activities was 122 million yuan, reflecting a 44.29% increase [2]. - For Q1 2025, revenue was 390 million yuan, a 44.98% increase, and net profit was 60.75 million yuan, up 125.81%, the highest growth rate for the same period post-listing [5]. Business Segments - The main business includes the research, production, and sales of fuses and related components, with significant contributions from electric fuses, incentive fuses, and smart fuses [6][9]. - Revenue from the new energy vehicle sector was 897 million yuan, growing 56.27%, while revenue from wind and solar power and energy storage reached 349 million yuan, up 32.59% [7][9]. - The company has a leading market share in the domestic low-voltage electric fuse sector and is well-positioned in high-end markets such as new energy vehicles and energy storage [7][9]. Research and Development - The company invested 136 million yuan in R&D, a 12.25% increase, with an R&D intensity of 9.55% [8]. - It holds 279 valid patents, including 266 domestic patents and 13 overseas patents, showcasing strong innovation capabilities [8]. - The company has received multiple awards from industry leaders, indicating recognition for its quality and innovation [8]. Market Outlook - The demand for circuit protection components is rapidly increasing, driven by the growth in new energy generation and consumption sectors [7][9]. - The company is actively engaging with leading clients in the artificial intelligence data center and eVOLT markets to develop products that meet new industry requirements [10].

中熔电气 2025042120250416 摘要 • 2025 年一季度公司营收 3.9 亿元，净利润 6,000 万元，毛利率 38.56%。新能源汽车业务占比超 60%，风光储业务占比超 20%。受益 于市场政策如 530 抢装政策和出口关税预期，公司一季度业绩超预期。 • 激励熔断器销售额显著增长，2024 年达 1.37 亿元，同比增长 189%。随 着电池新国标的实施，高压快充平台、纯电和插混车型对激励熔断器的需 求将持续增加，预计 2025 年出货目标为 2 亿元以上。 • 公司通过设备自动化改造和精益化管理，持续优化生产流程并降低成本。 尽管去年通过电商平台降低大宗金属采购成本效果不佳，今年计划继续进 行医疗投资，并优化设计和零件统一化以降低零部件成本。 • 泰国工厂去年亏损几百万，对整体利润影响较小。公司将根据国际关税政 策动态调整泰国工厂的生产策略，若关税政策有利，将加大投入，服务北 美及欧洲客户。 • 数据中心业务规模尚小，但英伟达下一代 1,200 伏 HVDC 架构将催化熔断 器需求。公司正积极储备相关产品，并关注高压化趋势对熔断器需求的积 极影响，加大资源投入拓展相关业务。 Q&A ...

Group 1 - The company reported a revenue of 1.421 billion in 2024, representing a year-on-year growth of 34.11% and a net profit attributable to shareholders of 187 million, up 59.80% year-on-year [1] - In Q1 2025, the company achieved a revenue of 390 million, a year-on-year increase of 44.98%, and a net profit of 61 million, reflecting a significant growth of 125.81% year-on-year [1] - For Q4 2024, the company recorded a revenue of 455 million, which is a 50.80% increase year-on-year, and a net profit of 67 million, up 112.38% year-on-year [1] Group 2 - The company has established stable partnerships with major manufacturers in the electric vehicle market, including CATL, BYD, and Tesla, ensuring a strong customer base [2] - In the renewable energy sector, key clients include Sunshine Power, Huawei, and Goldwind Technology, indicating a diversified market presence [2] - The company has a strong foothold in the high-voltage fuse market, with a production volume of 1.5701 million units in 2024, marking a year-on-year increase of 168.48% [3] Group 3 - The revenue from high-voltage fuses reached 137 million in 2024, showing a remarkable growth of 189.12% and accounting for 9.65% of total revenue [3] - The company is expected to see significant revenue growth in the coming years, with projected revenues of 1.960 billion, 2.649 billion, and 3.402 billion for 2025, 2026, and 2027, respectively [3] - The projected net profits for 2025, 2026, and 2027 are 332 million, 460 million, and 606 million, with corresponding growth rates of 77.5%, 38.6%, and 31.9% [3]